The 58-year-old has been relieved of his duties after just one full season in charge of the German side as a result of their defeat in France
The 58-year-old defended his tactics and selection for the game, telling reporters afterwards : "I know I will get criticism, that's fine. However, he faced questions from the Bayern board over some of his decisions the next day, as German newspaper Sport Bild revealed that crisis talks with the higher-ups were scheduled on Thursday .
CEO Karl-Heinz Rummenigge did not make it easy on Ancelotti when he said the performance was "not Bayern Munich" and said the club needed to discuss it. "The game in Paris clearly showed that there had to be consequences. "I would like to thank Carlo for his cooperation and regret this development. Carlo is my friend and will remain so, but we had to make a professional decision based on Bayern's interests.
Ancelotti leaves with Bayern sitting three points behind Borussia Dortmund at the top of the Bundesliga after six games after suffering a 2-0 defeat to Hoffenheim and most recently losing a two-goal lead to draw with Wolfsburg.
The former AC Milan star lifted the Bundesliga title at the only time of asking, but saw his side eliminated from the Champions League at the quarter-finals stage at the hands of Real Madrid. They also lost to Dortmund in the DFB-Pokal final last term.